Hello, apart from the monthly salary from my job, I also earn some considerable freelance income part-time. I wanted to know if I can provide my mom's bank account to my clients for payments to save on taxes.
From India, Bangalore
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5From India, Bangalore
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I am not finding way to not pay tax, I am just finding ways to save tax. FYI, i pay tax on my salary income. Please give vaulable sugggestion
From India, Bangalore
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From India, Bangalore
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Tax Obligations on All Income Sources
One has to pay tax on all income, not just salary income. If the other income is insignificant, you might not need to declare it unless you have to file tax returns. For example, doctors receive a salary and are allowed to do private practice, and they are taxed on that income. The same goes for teachers who provide private tuition.
Getting the money deposited into your mother's account will lead her to face problems. One legal way to do it would be to set up a company and adjust the income against expenses incurred.
From United Kingdom
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One has to pay tax on all income, not just salary income. If the other income is insignificant, you might not need to declare it unless you have to file tax returns. For example, doctors receive a salary and are allowed to do private practice, and they are taxed on that income. The same goes for teachers who provide private tuition.
Getting the money deposited into your mother's account will lead her to face problems. One legal way to do it would be to set up a company and adjust the income against expenses incurred.
From United Kingdom
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You are submitting that you are receiving some income other than your salary. While receiving this payment, is any TDS deducted from your payment? If yes, what is the rate of TDS? What is the income you are getting from other sources?
This other source of income can be income from business/profession. Here, you are allowed to claim other expenses and reduce the net income for IT purposes. If you need the details, please provide the amount details.
Regards,
Ramakant
From India, Pune
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This other source of income can be income from business/profession. Here, you are allowed to claim other expenses and reduce the net income for IT purposes. If you need the details, please provide the amount details.
Regards,
Ramakant
From India, Pune
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls